Companies

Future Group denies report on selling stake in retail unit

Our Bureau Mumbai | Updated on March 27, 2020

Kishore Biyani-owned Future Group on Friday said there were no plans to sell stake in Future Retail.

The Future Group in its statement to the exchanges said: “With regard to stake sale by promoters, we wish to clarify that at present there is no such activities, which is in knowledge of the company.”

The Economic Times quoting sources had said that Future Group’s promotor, Biyani, was in talks with Azim Premji-owned Premji Invest, among other investors, to sell a significant amount of his stake in Future Retail Ltd (FRL) to infuse funds as the company was facing cash crunch.

“Further, with regard to fund-raising plans, the management does consider various options with regard to its funds planning at its various strategic meetings, however, so far no concrete proposal has been brought before the Board for consideration,” Future Group said in the statement.

Published on March 27, 2020

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